Dollar Yen looking a little bearish. Will see what open brings..
I'm a relatively new trader here, so constructive criticism is always nice. I suppose you can consider me a swing/short term trader; nothing longer than a week so I look at hourly charts and sometimes day charts.
Based on previous chart data I have plotted my support lines that seem to be respected fairly well. Using those I then followed up with a little longer Fib sequence giving me a basic idea of where the candles where heading. Keep in mind, this is 100% technical analysts. I noted that it looked like the .236 level was going to be tested (Market closed before it could). Placing a few simple trend lines I believe in the close future the price will pinch off and take a dive considering since the beginning of the year this pair has kind of tanked...
After areas of confluence were noted, more or less, I placed a short position indicator. Something I am looking to take on Monday. We'll just see how he market is reacting Sunday afternoon.
That's pretty much it. Like I said, I am fairly new to the game so any constructive criticism is appreciated!
Based on previous chart data I have plotted my support lines that seem to be respected fairly well. Using those I then followed up with a little longer Fib sequence giving me a basic idea of where the candles where heading. Keep in mind, this is 100% technical analysts. I noted that it looked like the .236 level was going to be tested (Market closed before it could). Placing a few simple trend lines I believe in the close future the price will pinch off and take a dive considering since the beginning of the year this pair has kind of tanked...
After areas of confluence were noted, more or less, I placed a short position indicator. Something I am looking to take on Monday. We'll just see how he market is reacting Sunday afternoon.
That's pretty much it. Like I said, I am fairly new to the game so any constructive criticism is appreciated!